Vietnam-S Korea $77 mln industrial park completes 65% work

Sach (Clean) Industrial Park in the northern province of Hung Yen, a $77-million facility invested by Vietnamese and South Korean businesses, has completed full site clearance and 65% of its construction work.

VTK Hung Yen IP Co., Ltd., the project investor, announced the project’s progress at a ceremony in Hung Yen province last weekend. A memorandum of understanding to build the Sach II Industrial Park in the province was signed at the event.

VTK Hung Yen is a joint venture established by Vietnam’s TDH Eco Land and Korea Land and Housing Corporation (LH), Korea Overseas Infrastructure and Urban Development Corporation (KIND), KBI Construction and Shinhan Bank.

The 143-hectare Sach Industrial Park was approved in June 2020 and construction began in November 2022. So far, the facility has attracted 19 investments with a total registered capital of $166 million and VND125 billion ($4.92 million).

Hung Yen Chairman Tran Quoc Van said the industrial park was the result of fruitful cooperation between Vietnamese and South Korean businesses and a marker of the 32nd anniversary of Vietnam-South Korea diplomatic ties.

Emphasizing growing bilateral ties, South Korean Minister of Land, Infrastructure and Transport Park Sang-woo remarked that Sach Industrial Park was the first Korean-style facility in Vietnam.

Registered foreign direct investment (FDI) in Vietnam totaled $27.26 billion in the first 10 months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment.

Hung Yen, neighboring Hanoi capital city, ranked 13th among all localities with $691.8 million.